Stocks making the biggest moves midday: DIS, DXCM, MCD, ON
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Check out the companies making headlines in midday trading: McDonald’s — McDonald’s shares jumped more than 4% even after the fast-food giant posted quarterly earnings and revenue that fell short of Wall Street’s estimates. Investors are likely relieved that the company is planning to continue to use its $5 value meals as a way to bring back low-income customers. Management said the strategy is helping to improve sentiment around the brand’s value and affordability. Revvity — The life sciences company advanced 6% after posting a second-quarter earnings beat. Revvity’s adjusted earnings of $1.22 per share topped the FactSet estimate of $1.12 per share. The company’s revenue of $691.7 million was also higher than the $690.3 million analysts had expected. Akamai Technologies — Shares of the cloud security firm gained 1% following an upgrade to buy from neutral at Guggenheim. The investment firm sees a 32% upside as Akamai leverages its leadership position to provide more value for its customers. Tesla — The electric vehicle maker added 4.2% after getting crowned the top pick among U.S. auto stocks by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford, whose shares slid around 2%. Stellantis — The automaker fell around 4.5%, hitting a new 52-week low, after Deutsche Bank downgraded the stock to hold from buy. The firm sees the company’s guidance at risk, citing an inability in a “tougher” environment to tackle key issues such as inventory, pricing and lack of model age when compared to its peers. Walt Disney — Shares of the entertainment giant gained 2% after a big box office debut for “Deadpool & Wolverine.” The new Marvel movie topped $200 million at the domestic box office, a record opening weekend for an R-rated film. On Semiconductor — Shares jumped nearly 13% after the chip company reported financial results that topped expectations. Second-quarter adjusted earnings per share came in at 96 cents, versus the expected consensus estimate of 92 cents, per FactSet. Revenue was $1.74 billion, versus the $1.73 billion expected from analysts. Dexcom — Shares of the diabetes company were trading 5% higher, recouping some of their losses from Friday. The stock was pushed higher after Dexcom announced its latest insulin pump software had been authorized for sale by Health Canada. The stock plunged more than 40% in the previous session after Dexcom reported disappointing second-quarter results and offered weak guidance. — CNBC’s Sean Conlon, Michelle Fox, Alex Harring, Jesse Pound and Samantha Subin contributed reporting.
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